Market Commentary

Our modern day monetary system has been pervaded by greedy, power seeking liar?s, thieves and cheats. A week does not go by without a new story about another bank fraud or some illegal activity perpetrated by a supposedly ?reputable? financial institution. And it seems that the more reputable the institution, the bigger the fraud. The latest LIBOR scandal is just another example of our corrupt monetary system.

A perception has grown that says that, in a recovering global economy and in particular a growing developed world economy, the gold and silver prices will fall because right now their prices reflect economic uncertainty and fear.

Over the past several months, the markets have tested investors' conviction to gold. Since February, the price of the yellow metal has steadily stepped lower, rallying somewhat in May before falling again when Ben Bernanke disappointed by not providing the U.S. with more stimulus. Meanwhile, the dollar gained ground as global investors fled the euro.

Today's news conference with Fed Chairman, Ben Bernanke, seems to have left the markets as uncertain as ever about the prospect of further quantitative easing. Gold too seems wary as the Chairman delivered a Fed update on the state of the economy and its reported recovery.